Hyperliquid Open Interest Hits Record $16.36B

Open interest is the cleaner tell than volume here: it signals capital committed to positions, not just churn, and a record on a decentralized venue suggests on-chain perpetuals are absorbing leverage that once lived almost entirely on centralized books. The relevant question is composition, since open interest can build through genuine two-sided positioning or through one-sided crowding, and the two unwind very differently. Whether Hyperliquid's share of perpetuals activity keeps expanding, or this marks a local peak in leverage appetite, is what the next few weeks will answer.